The benchmark Nifty 50 index opened modestly higher on September 30, led by strength in IT, consumer and metal stocks, but may struggle to sustain gains following seven days of weakness.
At 9:20 a.m., the Sensex was higher by 210 points, or 0.29 percent, to 80,596, while the Nifty 50 rose 68 points, or 0.26 percent, to 24,702.
Among the top Sensex gainers, Titan climbed 2 percent, followed by Asian Paints and Power Grid, up 1.6 percent and 1.3 percent respectively. On the losing side, Tata Motors slipped 0.6 percent, while Tech Mahindra and Eternal declined 0.3 percent each in early trade.
Sectoral indices that reflected to rise were the Nifty Consumer Durables index, higher by a percent, while Nifty Metal and Nifty IT gained 0.7 percent and 0.5 percent each. The index of banking shares edged higher with Nifty PSU Bank and Nifty Private Bank up 0.4 percent each.
Investors are awaiting the outcome of RBI's policy meeting on October 1, with a Moneycontrol poll indicating a status quo on rates. SBI Research in a report has said that there is merit in cutting rates in the upcoming monetary policy, but it will require a calibrated communication as the bar for a rate cut is indeed higher. The report added that a 25-bps cut is best fit for this policy.
Market experts advised caution amid persistent volatility and recommended a 'wait-and-watch' for leveraged positions, partial profit booking on rallies, and tight trailing stop losses. Fresh long bets, they said, should only be considered if the Nifty sustains above the 25,000 level. Analysts highlighted support for Nifty around 24,500–24,400, with resistance seen near 24,800–24,900. Read More
On the institutional front, Foreign Institutional Investors (FIIs) extended their selling for a sixth straight session on September 29, offloading equities worth over Rs 2,830 crore while Domestic Institutional Investors (DIIs) remained net buyers, picking up shares worth Rs 3,845 crore.
Across Asia, markets traded mixed with Chinese data showing that the manufacturing activity contracted for a sixth consecutive month, albeit at a slower pace. Australia’s S&P/ASX 200 was flat, Japan’s Nikkei 225 edged down 0.1 percent, while Topix remained unchanged. South Korea’s Kospi was steady and the Kosdaq fell 0.34 percent. Hong Kong’s Hang Seng added 0.45 percent. Read More
On Wall Street, US equities started the week volatile but ended higher with the Dow Jones erasing early losses to close in the green while the S&P 500 and Nasdaq ending higher, supported by Nvidia.
Read More: US dollar index sinks 10%, marks sharpest fall since 2017
Investor sentiment in the US remains fragile amid fears of a possible government shutdown. A meeting between Democratic and Republican leaders and President Donald Trump ended without resolution. Failure to strike a deal by Wednesday could trigger a shutdown, potentially delaying key economic data, including Friday’s non-farm payrolls.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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